Bahrain Increases Chance for "Foreign Trade Ownership" by 100%

2016-07-20 - 3:39 am

Bahrain Mirror: The Bahraini Ministry of Industry and Trade announced in a statement, that the Cabinet decided in its Monday (July 18, 2016) meeting, a new amendment on the percentage of investors' trade ownership, "aiming to develop government performance and raise the commercial activities' performance levels, and thus contribute to promoting economic development and create qualitative job opportunities for citizens."

"The Ministry of Industry, Trade and Tourism, in coordination with government ministries and relevant agencies, has submitted a proposal to activate the economic wheel in Bahrain. This is in order to attract investments in the economic sectors, through reviewing the percentages of ownership by all investors of various business activities," said the Ministerial statement.

"The Ministry of Industry, Trade and Tourism based [the aforementioned] on the Commercial Companies Law No. 21 of 2001, as amended by virtue of Decree-Law No. 28 of 2015. The latter stipulates that the establishment of companies is permissible as stated by law to be wholly, or partially, owned by non-Bahrainis partners, to engage in activities, whose license of exercise is only limited to be obtained by Bahrainis, after being approved by the Cabinet," added the statement.

The statement further noted that one of most important features of the new changes is the increase of activities and opportunities for "foreign ownership" by 100%.

According to the statement, the reason behind this is to attract investments in these sectors,  among which are classified by the International Classification in its fourth edition, including: accommodation, food, administrative services, arts, entertainment and leisure, health and social work, information and communication, manufacturing, mining and quarrying, professional, scientific and technical activities, real estate activities and water supply."

Arabic Version


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